According to a press release from the group of 125 benefit advisory firms, UBA member firms can now provide actuarial-based advice to mid-sized employers in partnership with actuarial firm Reden & Anders. The resource, available from UBA members, attempts to answers health care questions, such as:
- Are the employer’s current or renewal premiums appropriate?
- Are the premiums for each of the employer’s multiple plan offerings set correctly to minimize risk and drive participation to low-cost options?
- Are the self-funded plan’s expected claims and specific stop-loss levels set appropriately?
- What level of IBNR claim reserves are needed to comply with DOL and IRS requirements?
- What should the high deductible level and HRA contribution amount be for a Consumer Driven Plan Option?
- How can the employer more accurately determine plan design savings opportunities?
All the tools are linked to an actuarially-credible health plan database, and answers are customized to company size, location and industry.